Company Brief: Solarfun Power $SOLF
Solarfun Power Holdings Co. Ltd. (ADR) (NASDAQ: SOLF) soared intoday’s trading. The ADRs reached a high of $8.13 today. At last check,they were up 11.57% to $8.10, with volume up from daily average of 1.87million to 2.39 million.
Solarfun ADRs have a 52-week range of $4.48-$10.78. They are currently trading above their50-day and 200-day moving averages. The ADRs have seen support at $7.They have broken through their resistance level of $8.05 in today’strading.
Solarfun has a consensus recommendationof Outperform. Currently, it has 5 Buy, 1 outperform and 6 Hold ratings. In a research report released today, Wells Fargo Securities maintainedits Outperform rating on Solarfun.
Solarfun manufactures silicon ingots,photovoltaic cells and modules. The company is based in Qidong, China.The company has over 40 customers in Germany, Czech Republic, Portugal,Australia and China.
For the first quarter, Solarfun reported total net revenue of $216.2 million, up 17.8% from the fourth quarterof 2009 and 115.7% from the first quarter of 2009. The company reportedgross profit of $39.9 million for the first quarter. First-quarter netincome stood at $23.2 million, up 64.9% from fourth quarter of 2009.
Solarfun reported its first-quarterfinancial results on May 26, 2010.
For the second quarter, the companyexpects total module shipments to be at 160MV to 170MV. Meanwhile, forthe full year, the company expects shipment of 650MV.
On Tuesday, Solarfun announced that itwill release its second-quarter unaudited financial results on August 3, 2010.
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